Manufactured Housing Loan Advice

A reader tells the Las Vegas Review-Journal he purchased a new manufactured home in 2006 for $85,000 with $50,000 down and financed the balance for 20 years at 6.5%. The loan balance is $30,500 and the home is assessed at $56,000, but he cannot find a lender to help him take advantage of today’s low interest rates. Peter G. Miller, responding for the Review-Journal, says a new loan for a manufactured home would be about six percent because manufactured homes are considered personal property, not real estate that can be secured with a mortgage. He recommends using the money the reader would have spent on refinancing to pay down the current loan, which will reduce the loan balance and financing expense, as MHProNews has learned.

(Image credit: ehow)

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